[IMGCAP(1)]FONTANA, CA-Two industrial sales and a lease that have closed here and in Rialto include one sale that underscores two significant trends in the industrial market, according to a CB Richard Ellis broker who was involved in the deal. Patrick Wood of CBRE says that the sale of  a 122,693-square-foot industrial warehousing and manufacturing building at 13414 Slover Ave. illustrates that, “On the sell side, many companies that own the buildings they occupy are now selling as a way to shore up their balance sheets, and on the buy side, companies are taking advantage of depressed pricing in the market and low interest rates to own their buildings, rather than continue leasing.”[IMGCAP(2)]Wood was part of a CBRE team including Walt Chenoweth, Frank Geraci and Juan Gutierrez that represented the seller. The buyer was Ecoplast Corp., a plastics recycling company. The purchase included a leaseback of a portion of the building.

In the other sale, Los Angeles-based commercial real estate developer Overton Moore Properties reports that it sold a 71,810 -square-foot class A building at 1101 W. Rialto Ave. in Rialto to Procomp Electronics, an importer of aftermarket auto parts, for approximately $3.8 million. OMP was represented by Chenoweth, Geraci, Gutierrez and Wood. OMP vice president Jason Hines noted that the CBRE team is also marketing the sale of the project’s neighboring 247,226-square-foot LEED-certified industrial building at 181 S. Larch Ave. on behalf of OMP.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.